The European Commission on Monday published a list of 250 infrastructure projects that may qualify for €5,85 billion of funding. Cyprus is included in the list with three projects in the energy field.

The projects include the Euro Asia Interconnector which consists of a 600 kV DC underwater electric cable and will have a capacity of 2000 MW and a total length of around 820 nautical miles/around 1518 km and allow for reverse transmission of electricity, the pipeline from offshore Cyprus to Greece mainland via Crete and the LNG storage located in Cyprus as well as the LNG storage facility associated with the LNG terminal in Vassilikos aiming at the storage of gas from the Levantine Basin (Israel and Cyprus) in liquefied form onshore Cyprus, for further transport namely to LNG Receiving and Regasification Terminals located in the Mediterranean Sea.

According to the EC, a modern infrastructure with adequate interconnectors and reliable networks “is crucial for an integrated energy market where consumers get the best value for their money”. The list of some 250 key energy infrastructure projects (projects of common interest-PCI) will benefit from accelerated licensing procedures and improved regulatory conditions and may have access to financial support from the Connecting Europe Facility, under which a €5.85 billion budget has been allocated to trans-European energy infrastructure for the period 2014-20.